“A $1000 par value, semiannual coupon bond has a coupon rate of 5 percent and is quoted at 101 + 12/32nds percent of par with settlement on April 8.” Can someone please explain the “101 + 12/32nds percent” part to me? This comes from Reading 64 page 387 of the CFA books.
its just a way of quoting the price. Price = 101.375 percent of par or $1013.75
Thank you! Much appreciated.